Recently a cyber risk expert gave insurance agents a poor grade on Cyber Risk Insurance expertise (also called Data Breach, Privacy and Network Security insurance coverage), as noted in this Insurance Journal interview (see here).
Your average agent broker doesn’t truly understand what the risks are, and what’s available out there in the market to address those risks.
This may or may not be true, but the important point is missed. Insurance agents do not need to know the intricacies of cyber exposures and Cyber Risk Insurance. There are specialty IT security firms, Cyber Risk Insurance underwriters, and specialty wholesale brokers (like Tennant Risk Services) that can fill that void. Insurance agents do need to know that almost all commercial insureds have cyber exposures, that comprehensive coverage is available for these exposures, and how to access the markets that provide the coverage. In addition, insurance agents with some knowledge of the exposures and the market have a marketing advantage as the Cyber Risk Insurance market continues to react to new and different cyber attacks.
In fact, there is an abundance of information on Cyber Risk Insurance on the web – some good and some not so good. This blog and the Tennant Risk Services website might be good starting points. In addition, we can provide basic information on Cyber Risk Insurance to retail agents and brokers who wish to increase their knowledge base and make Cyber Risk Insurance sales.
As we have noted previously, Cyber Risk Insurance is an essential coverage for protection from both criminal attacks and employee error, and it is not an optional coverage today. Policy forms do vary widely but comprehensive coverage is available in order to cover the cost of breaches, forensics, business interruption, credit card obligations, and crisis management expenses.
Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber). We excel at hard to place accounts. Review our expectations here.
Specialty Insurance Expertise: Tennant Risk Services
Content © Worldwide Facilities, LLC, 2005 - 2019 | All Rights Reserved.